Flotek Industries Inc (NYSE:FTK) was up 5.2% during trading on Tuesday . The stock traded as high as $2.11 and last traded at $2.04, approximately 391,852 shares were traded during trading. A decline of 45% from the average daily volume of 716,709 shares. The stock had previously closed at $1.94.
Several research analysts have commented on FTK shares. Zacks Investment Research downgraded Flotek Industries from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine downgraded Flotek Industries from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th.
The company has a debt-to-equity ratio of 0.08, a quick ratio of 5.44 and a current ratio of 6.62. The firm has a market capitalization of $114.35 million, a PE ratio of -3.52 and a beta of 3.00. The stock has a 50 day moving average price of $2.97.
In other Flotek Industries news, Director David Nierenberg bought 20,200 shares of the stock in a transaction on Thursday, May 30th. The stock was purchased at an average price of $3.08 per share, with a total value of $62,216.00. Following the completion of the purchase, the director now owns 106,772 shares in the company, valued at $328,857.76. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John Chisholm sold 70,000 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $3.28, for a total value of $229,600.00. The disclosure for this sale can be found here. In the last three months, insiders have acquired 420,200 shares of company stock valued at $1,423,616. Insiders own 7.26% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of FTK. Millennium Management LLC raised its stake in Flotek Industries by 1,558.1% during the fourth quarter. Millennium Management LLC now owns 1,218,601 shares of the oil and gas company’s stock worth $1,328,000 after acquiring an additional 1,145,106 shares in the last quarter. Wilen Investment Management CORP. acquired a new position in shares of Flotek Industries in the first quarter valued at approximately $1,500,000. Deutsche Bank AG increased its stake in shares of Flotek Industries by 203.1% in the fourth quarter. Deutsche Bank AG now owns 337,286 shares of the oil and gas company’s stock valued at $366,000 after buying an additional 226,010 shares during the period. Two Sigma Investments LP acquired a new position in shares of Flotek Industries in the fourth quarter valued at approximately $231,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Flotek Industries by 70.2% in the second quarter. JPMorgan Chase & Co. now owns 346,178 shares of the oil and gas company’s stock valued at $1,104,000 after buying an additional 142,823 shares during the period. 60.78% of the stock is owned by hedge funds and other institutional investors.
About Flotek Industries (NYSE:FTK)
Flotek Industries, Inc provides chemistry and services to the oil and gas industries in then United States and internationally. The company designs, develops, manufactures, packs, markets, distributes, and delivers reservoir-centric fluid systems, including specialty and conventional chemistries for use in oil and gas well drilling, cementing, completion, remediation, and stimulation activities, as well as use in enhanced and improved oil recovery markets under the Complex nano-Fluid, Pressure reducing Fluids, and MicroSolv brand names.
Further Reading: Understanding Price to Earnings Ratio (PE)
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